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20130107
20130115
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environment so attractive and really few alternatives. is it really a function of the global economy, or is it more a function of this money that needs to find a place to go and u.s. equities seems to be best looking game in town? >> well, you know, i do think it's a lill bit of the latter. when you start looking at the velocity of the money, not trying to get too into the financial jargon, but we do have an issue where people are still seeking out safe money. however, if you look at growth of bank lending, commercial bank lending, what we call a credit growth, it's above 6% right now, so we do have banking and financial organizations wanting to lend money, and as they do that, that's going to create the capital to give those fundamentals that we sort of have forgotten about, but there's no denying that when the federal reserve is printing 85 billion a month it will have an effect. keep in mind, still looking at 8%, 10%, s&p corporate earnings growth. let's not get into an argument about top line growth. >> you're talking about the fourth quarter, 8% to 10% in the fourth quarter? >>
market sounds like a bull compared to that sort of an environment. >> let's talk about what harry just said though because he talked about the large umbrella-type situations that are really going to impact. demographics. >> yeah. >> the fact that the retail investor is gone. we're not going to have the same level of interest in stocks over the long term. he's expecting a big crash second half of the year. >> yeah. he's absolutely right. we've had bun buyer since 666 on the s&p in '09, the corporation itself. nobody else is in this buyer. can you imagine if somebody else does show up for a day or two? we could have a much better market. >> what's going to take us to those all-time highs, what area of the market do you want to be in to ride that wave? >> the multi-nationals. lagged the last couple of years. emerging market economies starting to do a bit better, and those companies that are geared in that direction. look, some of the u.s. companies will do fine, too. earnings are a question mark. that's -- that's part of the problem, but i think as financial and systemic risk mitigate som
the risk. >> you manage risk. that's what you have to do particularly in today's environment where there is a fair amount of risk. let me ask you before we get into this dwe bait. how are you managing risk right now? how are you allocating capital? >> we're global managers so we have a broad spectrum where we can go now. we think overseas is advantageous rather than being in the u.s. close to the highs. yet the economy is -- the real economy is trading somewhat off its highs. if you look at europe, for example, where the headlines have been negative. the news flow has been awful. performance has been awful as well. so the market in europe has more reflected the performance of the real economy than it has here in the u.s. the fed qe program, the safe haven of the u.s. has caused money to flow to this part of the world. i think that leaves the u.s. a little pricier and perhaps more of a risk. >> it takes courage to fight the fed, though, right? >> absolutely. but ultimately and jack said it, fundamentals do matter. i think the market will reflect those. >> i heard active management d
and get some of the issues out of the way. >> we've lived in this environment for the last 18 months, one big disaster after another. everyone is waiting for the policy response, comes at the 11th hour and 59th minute. this is a pattern everyone has gotten used to but the fiscal cliff and the debt ceiling are the last big tail risks we think of the tail risks that we have to worry about, saw we would say once we get past that over the next several months we think it will lift a little bit of a cloud and investors will take risks. >> good to see you. >> good to see you. >> thanks so much for joining us. >> bob, thanks to you as well. ten minutes to go before we close it up. the dow jones industrial average holding on to a gain of 50 points. >> well, this herbalife soap opera is continuing. herb greenberg is coming up. all over the big move in the stock. take a look. up 3.25% right now. we'll show you what's behind it. >> and can you believe the iphone was only introduced five years ago? it is true. five years ago today, in fact, so here's a trivia question for you. the iphone alone is wort
Search Results 0 to 3 of about 4